Shoplifting isn't a new problem for retail businesses, and changing shopping trends add to this existing challenge. The results of a 2020 NRF survey show that losses from Organized Retail Crime (ORC) rose 22% from 2018 to 2019. The NRF also found that this number increased during and after the pandemic. In fact, it cost retailers an average of $719,548 per $1 billion sales in 2020. The retail industry is facing growing competition from online shopping and other forms of non-traditional commerce. To stay competitive, retailers need to rethink how they approach their customers to increase sales and reduce losses from theft.
Reducing the incidence of shoplifting requires the right technology and mindset.
Reducing the incidence of shoplifting requires the right technology and mindset.
The right mindset requires retailers to see shoplifting as a customer service issue. With this new perspective, you can prioritize prevention over protection and take an entirely new approach to prevent theft in your store. By replacing cumbersome lock-and-key solutions with in-aisle retail hardware, the customer experience completely transforms.
With the right technology, loss prevention becomes self-serve for customers—with that shift comes greater efficiency and a better customer experience.
Retailers looking for a competitive edge in today's market need to invest in technology that provides better customer experiences.
Retailers looking for a competitive edge in today's market need to invest in technology that provides better customer experiences.
Helping retailers invest in technology that provides better loss prevention, Signifi's hardware and integrated software enable our customers to market, sell, and track retail transactions in-store.
How Signifi Can Help
If you think about how people shop in retail stores, it's not hard to understand why loss prevention requires transformation. We see loss prevention as an opportunity— and retailers should focus on capitalizing on that opportunity with the right technology and mindset. Loss prevention can be transformed into a self-serve customer experience that provides convenience and protection for both customers and retailers.
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